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Sterling drops in the wake of Brexit date announcement, will a downward trend now persist? (Joseph Wright)
After a bright start this morning the Pound has ended up down on the day against all major currency pairs, as it was announced this afternoon that the impending UK separation from the EU will officially begin on the 29th of March.
Despite dropping off the Pound is currently off of its day lows which to me indicates that the trend from this point onward is unlikely to be sharply downward, as most within the currency markets have been expecting to see the Brexit begin this month it was just unclear as which exact date.
I’m expecting to see the Pound remain sensitive in the wake of Brexit related headlines, and I think that the Pound will become even further sensitive to these types of headlines now that the Brexit is about to begin. I think that the trade negotiations between the UK and other major economies are now likely to take centre stage and a main driver of GBP exchange rates.
If you would like to be kept updated regarding short term price movements between GBP exchange rates, do feel free to register with me and I’ll be happy to get int ouch during major moves.
Tomorrow morning there will be a key release for the UK economy in the form of Inflation Data, and this will be released at 9.30am. Any major swings from the expected 2.1% increase on an annual basis is likely to create a sharp move within GBP exchange rates, so feel free to get in touch if you would also like to discuss this.
If you are planning to make a currency exchange involving the Pound and another foreign currency, it’s well worth your time getting in contact with me on [email protected] in order to ensure you make a well informed decision on when to make that particular transfer, as well as benefiting from highly competitive exchange rates from one of the UK’s leading foreign currency brokerages. Just provide me with a basic outline of your currency requirement and I will be back in touch with you as soon as possible.
You can also call in and ask reception to speak with me on 01494 787 478.
Source: http://www.poundsterlingforecast.com/2017/03/20/sterling-drops-in-the-wake-of-brexit-date-announcement-will-a-downward-trend-now-persist-joseph-wright/
